Views From The Top How far should society go cashless? What needs to be in place to further reduce the use of cash and cheques in Singapore? How far should society go cashless?
Views From The Top How far should society go cashless? What needs to be in place to further reduce the use of cash and cheques in Singapore? How far should society go cashless? The key is really user experience and therefore it is vital for banks and service providers to centre innovation around the customer experience.
What consumers really want is control and convenience - and the technology and functionalities need to address that. For instance, we know that customers want remote control over when, where, and how their payment cards are used, and appreciate offerings that are tailored to personal preferences.
With card usage controls and real-time transaction notifications, not only is the payment process more efficient, consumers will also not lose sight over their spending habits. At the same time, it is also key to ensure we are considering segments of the population that are not as comfortable with the use of mobile applications.
If we can look towards other platforms - such as WhatsApp - to engage them, then we can encourage more to embrace cashless payments. The first requirement is a simple, clear, multi-language printed explanation of how the technology is to be used.
Second is speedy, patient and lucid helplines, easily connected. Third is additional simple weekly online statements of an account's position. These will be needed for about six months only.
Society should aim to go totally cashless. However, some existing challenges include interoperability issues among certain platforms, the cost of credit card and related platform transaction costs particularly for SMEs, and security and data protection concerns.
There is an increasing need to build trusted ecosystems and platforms to build up consumer confidence to further accelerate the adoption of digital payments. It will also be important to embrace further standardisation to improve the ease of use for consumers.
While there are clearly many benefits in going cashless, there will be the need to maintain cash transactional infrastructure for some time to support those in society who might need to rely on cash as the mode of payment.
Europe achieved this earlier this century. What businesses need is a cost-effective, user-friendly and secure payment platform accepted by all banks. The goal to reduce cash makes sense for commercial and large payments. There is no need to eliminate cash.
That will happen over time. For instance, most Singaporeans are banked. Based on a World Bank Global Findex survey, 96 per cent of Singapore residents above the age of 15 have bank accounts.
This means that we have the basic tools in place for cashless transactions. It is now a matter of cultivating habits and getting people used to making cashless transactions anywhere and everywhere - even at, say, hawker centres. Singaporeans already have faith in technology. In a recent HSBC research report, 73 per cent of Singaporeans surveyed said that they think that technology makes their life easier.
So now it is a matter of putting technology into play in order to improve and simplify daily routines. For that to happen, cashless platforms must go commercial. PayNow Corporate is a big step in the right direction.
While paying electronically is quick and convenient, it also adds layers of complexity in terms of security and ensuring that retailers accept the relevant modes of payment.
It is partly for these reasons that cash retains its appeal. However, the benefits of a unified and integrated cashless ecosystem cannot be ignored. We need to hasten the adoption of cashless payments, and ensure that consumers are comfortable with the new status quo.
That also means becoming increasingly aware of the undiscovered risks and vulnerabilities brought about by a cashless society. Our progress should not see us overextend to potentially risky territory, ensuring sound protection of people's money.
However, expectations are changing with consumers demanding faster and more convenient forms of payment. Partnerships are key to achieving this. Not only does this decrease the time that it takes for people to receive their money, it also reduces our reliance on paper.
We estimate that bythe top five general insurance companies in Singapore could collectively save some Combine this with a shift to electronic payments, and the impact could be much higher.
Vipin Kalra Chief Executive Officer BankBazaar International WITH a multitude of digital financial solutions, a highly connected population and the support of government authorities, Singapore is well placed to go cashless.“We should aim for a cashless society.” Analyse the arguments for and against this contention and formulate a judgement on the issue.
should aim for a cashless society.” Analyse the arguments for and against this contention and formulate a judgement on the issue. LONDON — For kids growing up in today’s cashless society, the piggy bank is going virtual.
Father of two Roland Hall turned to a British startup’s digital pocket money app because his kids were still too young to get bank cards from traditional banks. Government should aim for a cashless society But still, since the future lies in e-payment systems, whether we like it or not, I believe our government should set its sights on facilitating a.
The slide toward a cashless or mostly cashless society is unlikely to stop.
As such, we’re going to need public policy experts who can help develop and administer the rules and regulations necessary to ensure the drawbacks of going cashless don’t outweigh the benefits. A cashless future? Sounds like a dream but don’t be fooled once again spelled out the company’s aim to wean the world off 21 Mar Why we should fear a cashless world.
Has cash had. An anonymous reader writes: Dominic Frisby writes with a very interesting, albeit heavily opinionated, article from The Guardian discussing why we should all fear a cashless world.
He argues "it will hand yet more power to the financial sector in that banks and related fintech companies will oversee.